Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1887-03-25
Corporations.

AN CT regulating and confirming the for
nation OF real estate title insurance COM
paneS.
Be it enacted by the Legislature Of the State of
Minnesota:
SECTION l. Any ten or more persons may as
sociatr themselves together in the manner pre-
SCrlhei ~ title 2 OF chapter 81 OF General
statutes 1875, with capital OF not less than
five hundred thousand dollars nor more than one
million dollars, for the purpose OF examining
it'll to real estate and Of guaranteeing or In
sur,nG owners Of real estate and others inter-
este therein, or having liens or epcurlbrances
thereon, against loss by reason OF defective
titles, cnculnhrances or otherwise: and CORPORA
lions so established shall have the same powers
and privileges and be subject to the same du-
ties, liabilities and restrictions other corpo-
rations established under said TITLE save that
the liability OF said corporations upon policies
OF insurance shall not be construed as cons1i-
tuting part Of the liability thereof within the
be subject to the laws specially relating to in-
snraacs corporations. except as hereinafter pro-
vtded
SEC 2 Every such corporation shall set apart
sum not less than two-ffths OF The amount of
its capital stock. but In no case less than Two
hundred Thousand dollars. as a guaranty fund,
ties prescribed by section 8 OF cha pter 3 of the
General Laws OF Minnesota for 1855, and no
corporation shall Issue any guaranty Or policy
of insurance until such sum has been SO set
apart and invested Such guaranty fund stall
be kept and applied for the security and pay
ment Of losses and expenses which may be in
subject to other liabilities Of the he cor IT,
per;atlon 80 Lon long MS any such guaranty
in the amotnu OF Its capital stock shall be made
by any such corporation, two-tlfths OF such in
crease OF the capital stock shall he set apart
kept and invested rs aforesaid. Whenever OH
account Of loss or otherwise the amount of the
guaaanty fund Of such corporation shall tall be-
low such sum as is SO required to be set apart
and invested by this act, no further guaranty or
Insurance shall be issued until the deficiency
below the alnonnt 80 required has been supplied.
before the first day OF March In each yeah filo in
the office Of the insurance commissioner state
ment OF the amount Of its policies outstanding
on the preceding 31st day Of December made
out in such form as said Insurance commissioner
shall direct, and which statement shall also
specify the amount and kinds Of securities and
statement shall be signed and swoln to by the
President. Vice President or Treasurer and by
one director OF such corporation, and such cor
porations shall be taxed In like manner az do
mestic Insurance. companies are. The insurance
commissioner shall have the same power and aC-
thorty to visit and examine all corporations
esta bllshed hereunder and 80 compel o. conpli-
ance with the provisions OF law governing them
rs he may by law exercise in relation to domestic
insurance companies,
SEC 1. No corporation which shall be organ
lied under this act shall make any. contract or
issue any policy Of guaranty or insurance until
1t has hled with the Insurance commissioner
d WY W Wv 4SeoAN vi Ats CTIbA!CdG6 OF
organization In the Office OF the secretary OF
state, and obtained from the insurance commits
sioner his certificate that it has complied with
She laws applicable to 1T and is duly authorized
to do business.
SEC. 5. any cornoration heretofore organized
under the laws Of this state for the purpose,
among others, Of carrying ON aud which has be-
gun. or actuslly has entered upon the prepara-
tioa for the business OF real estate title insur-
ance and has heretofore filed It's articles Of in
corporation in the office OF the secretary of state
of minnesota. is hereby in oil respects legalized
and confirmed, and shall be entitled to Ill the
PRIVILEGES end franchises in this act provided.
SEC. 6. This act shall take effect and be in
force from and after its passage
Approved Feb. 2Sth, 1887.